Finexus to spend RM10mil to build fintech ecosystem in Penang

Finexus Group CEO Clement Loh (6th from left) at Think City @ Bangunan UAB, Georgetown

KUALA LUMPUR: Finexus Group is investing RM10 million in the next five years building a sustainable fintech ecosystem in Penang in the Creative Digital District @ George Town (CD2@George Town) in support of Penang’s Digital Transformation Masterplan 1.0. 

Finexus group managing director and chief executive officer Clement Loh said it was looking forward to work with venture capitalists (VCs), fintechs, digital start-ups and mid-growth companies by providing them with its ready-to-use MyXaaS Collaboration Platform. 

“MyXaaS collaboration platform offers services such as application as a service, financial as a service and capital lending. 

“These aspiring digital companies can speedily build-up their digital products and services and go to market by leveraging on our ready-to-use services without having to build many software components from scratch,” he said in a statement today.

Digital Penang chief executive officer Tony Yeoh said the partnership was in line with the company’s aim towards driving the digital journey as it utilised digital technologies in a more pervasive way. 


“With Finexus establishing a fintech research and development hub in Penang, we believe that our talents will be well-equipped to adapt to a world of rising automation and software. 

“Over the next three years, Digital Penang is targeting to attract 50 digital investors into with an investment commitment of 2,000 high-income jobs in the district,” said Yeoh.

Finexus said the CD2 @ George Town would act as a catalyst to spur innovation and investments in digital technology, software services and creative arts that will revive the urban core as a business district.